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Special Offer on Domestic Term Deposits on the occasion of Platinum Jubilee Year.

The Bank is approaching the closing of its Platinum Jubilee year. On this occasion, the Bank has decided to offer attractive rates of interest on domestic term deposits with maturity period 600 days and 1000 days. These interest rates will be offered with immediate effect.

Maturity period and interest rate on these offers are as under.

Maturity Period

Rate of Interest (p.a.)

600 Days

7.25%

1000 Days

7.50%
  • These rates are available for single deposit receipts of LESS THAN RUPEES ONE CRORE ONLY. Per person ceiling of total deposit under the scheme shall be Rs. 1 crore only.
  • In case of premature withdrawal or cancellation of deposit, the interest rate payable would be 1% below the applicable rate as prevailing on the date of deposit and payable for the period for which the deposit actually remained with the Bank.
  • Senior citizens will be offered an additional rate of 0.50% only for total deposits under the scheme not exceeding Rs. 1 crore.
  • A member or a retired member or the spouse of a deceased member of the Bank’s staff will be offered an additional interest rate of 1.00%. Senior citizen retired member of the Bank’s staff will not be allowed double benefit of interest for being a member of staff and a senior citizen as well.
  • These interest rates would be applicable to NRO term deposits also.

Domestic Term deposits
Interest Rate on Domestic Term Deposits:
[Interest rate in % p.a.]
 
Duration For amount less than  Rs. 1 Cr For amount Rs.1 Cr to Rs. 5 cr
Revised rates w.e.f. 12.08.10 Revised rates w.e.f. 12.08.10
7 days to 14 days 2.50 2.50
15 days to 30 days 3.00 3.00
31 days to 45 days 3.00 3.00
46 days to 60 days 3.75 3.75
61 days to 90 days 4.00 4.00
91 days to 180 days 4.75 4.75
181 days to 270 days 6.00 6.00
271 days to less than 1 year 6.25 6.25
One Year or 365 days 7.00 7.00
Over 1 year to less than 3 years 7.00 6.50
3 years (Mahalaxmi Term Deposit) 7.00 5.75
Over 3 years to 5 years 7.00 6.00
Over 5 years 7.00 6.00
 
  1. The rates are applicable for both fresh deposits and renewal of existing deposits.
  2. The deposit above Rs. 1 crore should be through a single deposit receipt.
  3. The rate of interest on Bank Term Deposit Scheme, 2006 (Tax Saving Scheme for 5 year term deposit) up to investment limit of Rs. 1.00 lakh only will be 7.25%.
  4. In case of premature withdrawal of deposit, the applicable rate would be 1% below the interest rate of the period for which deposit has been actually held.
  5. Deposits to be accepted for a maximum period of 10 years.
  6. Senior citizens will be offered an additional rate of 0.50% only uniformly across all maturity slabs of 91 days and above for an amount of less than Rs. One crore only.
  7. The revised rates would be applicable for all NRO term deposits..
  8. All rates are subject to change from time to time.
 
Last Update date - 12-08-10
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